No oversupply of homes in Iskandar: Johor Crown Prince

ISKANDAR PUTERI • Johor's Crown Prince said the view that there will be an oversupply of homes in the Iskandar Malaysia region in southern Johor is incorrect.

Attending a project launch in Iskandar Puteri, formerly called Nusajaya, on Tuesday, Tunku Ismail Sultan Ibrahim said southern Johor's population will nearly double in 2025 from 1.7 million now, with 660,000 housing units needed.

"I have been following the development of Iskandar Malaysia and we are now halfway into the 20-year plan since November 2006," he said. "If you do your research, there are only 410,000 houses and units now, so there is no such thing as an oversupply," he was quoted by New Straits Times newspaper as saying.

He was referring to concerns over oversupply in the southern Johor development region called Iskandar Malaysia, as property developers have been offering many housing projects to entice buyers from Singapore and other countries.

A recent report by Bloomberg said the Forest City project by China's Country Garden - to be built on four artificial islands facing Singapore - will house 700,000 people when ready.

Tunku Ismail was launching the Fastrackcity motorsport circuit project, in an event attended by Prime Minister Najib Razak.

Tunku Ismail, who is chairman of Fastrackcity, said security, connectivity and work creation are the three areas to focus on to achieve the main goals in Iskandar Malaysia - an area about three times the size of Singapore.

"We need to not only beef up security, but also the perception of a safe city," the NST report said. "Connectivity between Singapore and Malaysia, whether it is by air, sea or rail. We also need to enhance skills in healthcare and training skills."

A version of this article appeared in the print edition of The Straits Times on December 08, 2016, with the headline 'No oversupply of homes in Iskandar: Johor Crown Prince'. Print Edition | Subscribe